topic LLC with not income but expenses? in Business & farm

LLC with not income but expenses?

mratolojanahary — Wed, 05 Jun 2019 21:47:09 GMT

I opened an LLC in 2016 and did not earn money but i had expenses, how should i file this?

It depends. If your LLC was considered open for business...

WillK — Wed, 05 Jun 2019 21:47:10 GMT

It depends. If your LLC was considered open for business in 2016, then they would get filed as expenses for 2016. If your LLC was not considered open and operational in 2016, then the expenses would be considered start up expenses, and you can deduct the first $5,000 on your 2017 business return, and the rest would need to depreciated. See the following IRS publication to read more: https://www.irs.gov/publications/p535/ch07.html

If it was startup expenses in 2016 are there any forms th...

nnowak6 — Wed, 05 Jun 2019 21:47:11 GMT

If it was startup expenses in 2016 are there any forms that need to be filed for this tax season?